RIMS Risk Maturity Model Assesses the
Breadth of Risk Management Programs
(CHICAGO) OCTOBER 27, 2015
– Back in 2005, RIMS and LogicManager teamed up to offer risk professionals RIMS Risk Maturity Model
, a free assessment tool for executives in risk management - and others charged with risk management responsibilities - to develop and improve sustainable Enterprise Risk Management programs. For 10 years, the online resource has allowed risk professionals to score their Enterprise Risk Management programs and receive a report immediately.
The RIMS ERM Committee recognized the value of partnering with an expert ERM solutions provider to tap RIMS practitioners’ expertise and create the RIMS Risk Maturity Model. RIMS selected LogicManager, a leading developer of Enterprise Risk Management solutions and creator of its own innovative risk maturity model. LogicManager, based in Boston, donated its intellectual property, expertise, and services, and the RIMS Risk Maturity Model was born.
“RIMS has an obligation to provide its members with resources and content that enables them to advance their risk management programs and increase their ability to deliver value to their organizations,” said RIMS President Rick Roberts. “RIMS Risk Maturity Model is an invaluable member benefit that provides risk professionals with a roadmap for implementing or driving their Enterprise Risk Management capabilities. RIMS is looking forward to further developing this resource with LogicManager for years to come.”
“It is an honor to be here today to see the impact of RIMS Risk Maturity Model, as the product of collaboration between RIMS and LogicManager,” said Steven Minsky, CEO of LogicManager and architect of the Risk Maturity Model. “It has been wonderful to see the success of the model over the last 10 years, from its adoption by practitioners around the world, to industry associations and even regulators on the federal and state levels.”
The Maturity Model has been used by more than 2,400 risk practitioners in 60 countries. It has been referenced as an example of best practice by industry regulators like National Association of Insurance Commissioners (NAIC) and American Petroleum Institute (API), it has been incorporated within professional designations like Associate in Risk Management - ERM (ARM-E), and pointed to by federal and state regulators for how to start, maintain and benchmark an Enterprise Risk Management program. A recent study published in the Journal of Risk and Insurance by Queens University measured a 25% market value premium for organization that fully adopt the RMM to achieve mature risk management programs.
TESTIMONIALS FROM RIMS RISK MATURITY MODEL USERS
1) “The Risk Maturity Model has enabled us to track our progress in ERM as a team and across our company over the past few years. It has helped us to have a common set of standards to review periodically, even as the landscape of our company has changed. Previous assessments done without the RMM were more subjective, not as comprehensive, and did not give us a clear path to maturing our process.” -- Christine Kinsey, Manager of Enterprise Risk Management at First Marblehead Corporation, RMM practitioner.
2) “After taking the reins of the ERM program at one of the fastest-growing banks in the US, it became clear that I had a unique opportunity to formalize and mature our risk management process, while at the same time making sure the bank remained nimble and business-focused. “Maturing our ERM program using the Risk Maturity Model framework has allowed us to punch far above our weight in the white-hot Florida banking industry, yet appropriately mitigate long-tail risks that could imperil the safety and soundness of the company. By leveraging industry-agnostic best practices incorporated into the RMM, C1 Bank has been able to break down the risk silos across the enterprise—all while competing in a highly regulated environment. Successfully implementing this ERM methodology has proven to be a game-changing competitive advantage for us.” -- Jim Steiner, Chief Risk Officer at C1 Bank, a recipient of the inaugural RMM Recognition Program.
LogicManager, Inc. is the leading provider of Enterprise Risk Management software and author of the RIMS Risk Maturity Model. LogicManager’s solutions have helped thousands of organizations to Manage Tomorrow’s Surprises Today® with robust, patent-pending Taxonomy technology and a customer-centric approach. LogicManager’s ERM software and support enable organizations to connect traditional risk, governance and compliance activities to common root cause risks, and relate them to strategic goals through advanced reporting and analytics. For more information about LogicManager, visit www.logicmanager.com.